Governor Pledges to Protect Credit Unions’ Tax Exemption in Minnesota

MInnesota Gov. Mark Dayton at Credit Union Day in St. Paul on Tuesday.

Speaking at the Minnesota Credit Union Network’s annual political advocacy event in St. Paul, Minnesota Gov. Mark Dayton said he will protect the credit unions’ tax exemption.

Dayton stressed that his proposal for tax reform does not involve the credit unions’ tax exemption, saying that credit unions provide important services and he won’t tamper with that, reported McCUN. The governor made his remarks Tuesday at a Credit Union Day event, according to McCUN.

“I have special regard for those who serve their members and their needs, for those who provide savings back to their customers. I thank you for that,” Dayton told the group of more than 150 credit union representatives at MnCUN’s event.

Financial literacy was another topic discussed at Credit Union Day. Dayton and Minnesota Department of Commerce Commissioner Mike Rothman touched on its importance. Rothman told Credit Union Day attendees he believes credit unions and the state can work together to make big strides in the financial literacy realm.

“We have a common goal – that people, from kindergarten to retirement, have the lifetime skills to attain financial stability,” Rothman said.

Credit union leaders took the financial literacy message in visits with their local legislators in the state’s capitol. They touted the avenues used to help members with financial education, including in-school, student-run credit union branches opened by the $106 million HomeTown FCU in Owatonna and the $116 million St. Paul FCU in St. Paul.

Following the theme of this year’s Credit Union Day, “Minnesota Credit Unions: A Trusted Partner,” credit union leaders also talked with legislators about the reasons why more consumers are choosing credit unions, with trust being a top factor.